DIRECPATH SIGNS DEFINITIVE AGREEMENT
TO ACQUIRE APARTMENT MEDIAWORKS
Based in Atlanta, MediaWorks is a leading provider of pay television, broadband Internet and related services to multiple dwelling unit (MDU) and gated-community owners in the southeastern United States, serving such major markets as Atlanta, Georgia; Birmingham, Alabama; Raleigh-Durham, North Carolina; and the South Florida area.
The transaction, financial terms of which were not disclosed, is the largest to date by DirecPath since its formation in May 2006 to provide bundled DIRECTV programming, broadband voice and data services and security to multiple dwelling units and gated communities across the United States. Completion of the transaction is expected to occur within 30 to 45 days. With the acquisition of MediaWorks, DirecPath will be the largest private video operator in the Southeast and one of the largest in the United States.
Apartment MediaWorks, with some 40,000 homes passed in the Southeast, was founded in 1996 by its president and chief executive officer, Bryan J. Rader, who upon completion of the transaction will become a member of DirecPath’s senior management team.
Mr. Rader said: “I’m thrilled to be partnering with Tom Hicks and his colleagues at Hicks Holdings, with DIRECTV, and with DirecPath CEO Paul Savoldelli, as they drive to establish DirecPath as the premier national provider of bundled programming, broadband, security and other services to the MDU market.”
Mr. Hicks said: “This is the first transaction of significant size by DirecPath since we formed the company last May. We are actively working with Paul Savoldelli and his team, which will soon include Bryan Rader, as they work to grow the business both organically and through the aggressive implementation of our buy-and-build strategy.”
“We’re excited about the MediaWorks acquisition because it enables DirecPath to rapidly build the critical mass necessary to compete in major markets across the Southeast and provide MDU owners with a compelling bundle of products that includes the full array of DIRECTV's industry-leading content and services,” said John Suranyi, President, DIRECTV Sales and Service.
Daniels & Associates, L.P., the Denver-based cable, telecom, media and technology mergers & acquisitions specialist, represented Apartment MediaWorks in the transaction.
About DirecPath, LLC DirecPath, LLC, a partnership between Hicks Holdings LLC and The DIRECTV Group, Inc., was formed in May 2006 to better serve the needs of residents living in gated communities and multiple dwelling units, including apartment complexes, condominiums and town homes. In addition to outstanding customer service, DirecPath will offer its customers a bundled selection of the full range of DIRECTV programming, broadband Internet and telephony. DirecPath’s customers will benefit from a single bill, a single installation and a single call for customer service – advantages enjoyed by those living in single-family homes. From an MDU property owner’s perspective, this increases tenant satisfaction and enhances the value of the property. Recently completed DirecPath acquisitions in Alpharetta, Georgia, and in Broward County, Florida, complement existing MediaWorks clusters in those markets.
About Apartment MediaWorks
Founded in 1996, MediaWorks offers multiple dwelling unit and gated-community owners a unique combination of high-quality, service-oriented pay television, broadband and related services. MediaWorks primarily serves such major southeast markets as Atlanta, Georgia; Birmingham, Alabama; Raleigh-Durham, North Carolina; and the South Florida area. For more information, visit www.aptmediaworks.com.
About Hicks Holdings LLC
Hicks Holdings was formed in January 2005 as a holding company for the Hicks family’s sports, real estate and other assets and investments, including Major League Baseball’s Texas Rangers and the Dallas Stars of the National Hockey League. In November 2005, Hicks Holdings acquired Ocular LCD, Inc., a leading designer, manufacturer and marketer of high-performance liquid crystal displays, modules and systems. Hicks Holdings is also the controlling shareholder of Gammaloy, a leading oil and gas drilling tool rental and manufacturing company; of Berkshire Resources, LLC, a gas and oil exploration and production company; and of River City Landscape Supply, a leading regional supplier of landscape materials. Through Hicks Trans American Partners, Hicks Holdings also selectively pursues corporate and real estate investments in South America.
About DIRECTV, Inc.
DIRECTV, Inc., the nation’s leading satellite television service provider, presents the finest television experience available to more than 15.5 million customers through exclusive content, industry-leading customer service (which has surpassed cable for six years running) and superior technologies. Each day, DIRECTV subscribers enjoy over 250 channels of 100% digital picture and sound; exclusive programming and the most comprehensive collection of sports programming available anywhere including NFL SUNDAY TICKET™, and MLB EXTRA INNINGS™. DIRECTV (NYSE: DTV) also leads the digital television technology revolution with exclusives such as NFL SUNDAY TICKET SuperFan™, US Open Interactive and YES Network Interactive and will soon have the capacity to offer over 150 channels in HD. DIRECTV is approximately 39 percent owned by News Corporation. For the most up-to-date information on the Company, please visit directv.com.
Hicks Holdings LLC |
DIRECTV |
Roy Winnick or Mark Semer |
Robert Mercer |
Kekst and Company |
DIRECTV |
212-521-4842 or 4802 |
310-964-4683 |
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